Business, international

Japan takes tentative steps to hasten reforms

Article Abstract:

Japan may take additional steps to reinvigorate its economy, as indicated by its aggressive action to stem the rise in the value of the yen in the wake of the terrorist attacks on the United States. The Bank of Japan has also announced it will cut the overnight discount rate from 0.25% to 0.1% and that it will boost the target for bank reserves above the current Y6 trillion. While these moves may be more symbolic than effective, concern that the world economy could stagnate in the wake of the attacks might prompt more meaningful reforms.

New segment for Boeing

Article Abstract:

Boeing's infant global-positioning satellite-based air-traffic control system is not likely to have positive impact on Boeing Co.'s financial statement for five to ten years, according to chairman and chief executive officer Philip Condit. Boeing is seeking Japanese partners for the global-positioning system as part of its long range economic plan, along with the development of a sonic cruiser that would reduce average flying time by 15% to 20%.

Prime Minister calls economic recovery the top priority

Article Abstract:

Japanese Prime Minister Yoshiro Mori announced his plans to tackle Japan's economic woes, including the public sector, combined central and local government debts which near 130% of gross domestic product. Among his plans are possible tax and stock market reforms.